“DE MINIMIS”
The White House also said the US is suspending a “de minimis” exemption that allowed low-value commercial shipments to be shipped to the United States without facing tariffs.
Under Trump’s order, packages valued at or under US$800 sent to the US outside of the international postal network will now face “all applicable duties” starting on Aug 29, the White House said.
Trump earlier targeted packages from China and Hong Kong. The tax-and-spending bill recently signed by Trump repealed the legal basis for the de minimis exemption worldwide starting on Jul 1, 2027.
“Trump is acting more quickly to suspend the de minimis exemption than the OBBBA requires, to deal with national emergencies and save American lives and businesses now,” the White House said, referring to the bill known as the One Big Beautiful Bill Act.
Goods shipped through the postal system will face one of two tariffs: either an “ad valorem duty” equal to the effective tariff rate of the package’s country of origin or, for six months, a specific tariff of US$80 to US$200 depending on the country of origin’s tariff rate.
SOUTH KOREA
Trump said late on Wednesday that he had settled on a 15 per cent US tariff on imports from South Korea as part of an agreement with the Asian trading partner that avoids even higher levies.
As part of the arrangement, South Korea would invest US$350 billion in the United States in projects selected by Trump and purchase US$100 billion of liquefied natural gas and other energy products, the US president said.
Of the US$350 billion investment fund, US$150 billion will be aimed at a shipbuilding partnership, South Korean President Lee Jae-myung said on Thursday, adding that the tariff deal with the US would put South Korea on an equal or better footing compared with other countries.
“It is also agreed that South Korea will be completely open to trade with the United States, and that they will accept American product including cars and trucks, agriculture, etc,” Trump added.
It was not immediately clear how the investment deals would be structured or over what time frame. The US president said additional investments would be announced later.
